Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1887-06-25
Dailn gress alld 9akptaiaa
REACHED WALL STREET.
a Panic Prevails Among
the Buyers and Sellers Of
Stocks.
The Sioux Falls National Bank Wins
in Judge Spencer's Court.
A Wall street Panic.

A Wall Street Panic.
New York, June 24th.-Noon-There
is great excitement nt the stock ex-
change and prices are rapidly declining.
AT IL o'clock the market was weak and
active as d fractional concession from
FIRST prices. 1t is understood the break
was caused by the report that Jay Gould
was dead. Western Union fell from rs
to so, but is now recovering.
The excitement in the stock market
reached its greatest height shortly be-
fore noon, and a veritable panic de-
yeloped. No attention vas paid by
brokers to fractions IN sales made by
them, and the fluctuations were SO wild
sales were some times from s to 10 per
cent apart. The greatest declines SO far
recorded are Manhattan, 401s to 1I6;
Missouri Pacific, IL to s31a;ootton seed,
2 to 39; Richmond terminal, III to 20;
New England, 8 to 454, and Lake Erie
and Western 5 to 534. No failures
have been announced as a result of the
break.
The stock market still continued very
active after IL O'Clock, aud though there
was . slight rally it was quickly ended
and the decline wes renewed with adj
ded foroe. The sensation of the hour
was q drop in Manhattan from 1888 at
the opening TO 1885,, and OF Ii to 100.
II recovered to 1873 and declined again
to 1l5 at 1925.
2:30 p. m.-When delivery hour passed
at the stock exchange without bringing
the announcement OF any failures, the
street became more confident and buy
ing orders was received from all sources.
The stock market closed quiet and
firm at an advance.
Wall street was puzzled TO account for
the fact that such a great decline could
OCCUR without dragging down some OF
the bull houses which have been carry
ing large lines OF stock, but this is ex-
planned by reports that Gould, Field,
Vanderbilt and Philadelphia capitalists
had taken up stocks which were in weak
hands, and relieved holders OF fhe neces-
sity oil oaorificlng them. Field is reported
to nave taken up $1,000 900 of Manhat.
tan etock.
Cyrus w. Field was seen in his Office
this afternoon in regard to the rumor
that he and Jay Gould and Russell Sage
had fallen out, causing the big drop in
stock to-day, Mr.. Field said: There
is nothing in it-not the slightest ioun-
dation for the story"
The sioux Falls National.
Flandrau, June A--The famous bank
case from Minnehaha county, which has
been on trial here this week before
Judge Spencer; has been decided in
favor OF the Sioux FalIs National bank.
This CASE became famous o year ago last
January, when M~innehaba county at
tempted to 80 q settlement With @. *
Howard, then treasurer OF the county.
The First National bank, row o busted
concern, was his place of deposit. When,
the commissioners came to the point Of
counting the money Howard presented
certified ehesk Of SIG, 900 from the
First National. The commissioners had
o suspicion that the bank was Shaky,
and taking thessk and what cash
Howard had, made the Sioux Falls
National the county depository. and
the back accepted the certified check as
SO mEoh cash. When the check was
presented for payment the cashier of the
First National refused payment, alleg-
ing that he had honored sight drafts
for that amount since the Issue of the
check. II was simply an effort to beat
the county by q set OF ~raseals, who i'm
mediately thereafter suspended the
bank, and depoHitors have thus far only
got 20 per cent, and will get very little
more. How the Sioux Falls National,
expects to collect its Judgment is not
known, but at least the verdict is q
righteous one. 1t will be carried to the
supreme court OF the territory and prob
ably farther.
Army Changes,
Washington. June 24-An order will
soon be issued from the war department
making the following important changes
Of citations in the army, which will go
into effect as loon after July / as posi-
BILE: The headquarters OF the fourth
cavalry, now af Fort Riley, will be trans,
ferred to such posts in the Indian terri
tory IS the commanding general of the
department. OF the Missouri may desig.
nate. Headquarters OF Che band and
and four troops OF the seventh cavalry
will be transferred from Fort Mead, d
l., by marching to Fort Riley, Kan.
Troops of the fifth cavalry, nov
at Fort Riley, will go to Fort SILL,
Indian territory, and two to Fort
Elliott. Tex. This will give Dol. Forsy.
the, Of the seventh cavalry, command oi
the new cavalry and artillery school
lately authorized by congress- Two
troops of the third caYalry, now at Fort
Elliotte. and two troops of the same
regiment at Fort Sill, are to be trans
ferrad by marching to the department.
dethe Texas, and then by marching all
the troops OF the third cavalry will
change stations with troops OF the
eighth cavalry. This will pat the third
cavalry on the lower Rio Grande. The
twelfth infantry, now stationed in the
department OF the lakes, will change by
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